The Bowling Green Tax Increment Financing District could see a $5 million to $7 million residential development called The Vue that includes offices and retail.
New Millennium Real Estate of Bowling Green has a 90-day, $242,000 exclusive purchase option on Block 4 of the TIF, the downtown lot behind the Bowling Green Area Chamber of Commerce offices. The option, effective Oct. 1, would end Dec. 1.
Design goals for The Vue include exposed brick, loft spaces, open ceilings and concepts with contemporary fixtures and cabinets, according to a news release Friday from Cassi Nushart, property manager at Sky Property Management, which will manage the property. One- and two-bedroom units will be available along with the potential of a 24-hour workout facility, specialty clothing store, coffee shop cafe and a rooftop bar, the release said.
Architect Brian Clements of Clements and Associates is working on a plan that is similar to what he used in designing single-family condominium developments in Nashville, the release said.
The board of directors of the Warren County Downtown Economic Development Authority approved the option after a closed session Thursday that lasted about 30 minutes. The EDA owns the property. The land in question is identified in the paperwork as lots 4-2 and 4-3 and was conveyed to the city of Bowling Green by deed in August 2003.
Authority attorney Scott Bachert said after the meeting that Michael S. Vitale, a Bowling Green attorney at English, Lucas, Priest & Owsley, and Steven G. Sutton of Chase Bank are behind New Millennium Real Estate. Records with the Kentucky secretary of state’s office show Mary Bryant as the third member of the company, which was formed in 1999.
Vitale said the group previously developed residential housing called The Village at Traditions in Bowling Green.
Vitale said Friday the 1.94-acre tract being considered downtown is fronted on State Street and bounded by Seventh and Eighth avenues. According to the agreement, New Millennium Real Estate will pay the EDA $100 for the purchase option. If the developer exercises the option, the $100 is credited toward the purchase price.
The development could cost $5 million to $7 million, according to the paperwork. “The plans in our heads are subject to the plans on paper,” Vitale said.
He added the developers have been looking at similar mixed-use residential development in other communities. “We would like to move quickly if we get plans that we like,” he said.
The developers intend to close the sale within 60 days of Oct. 1, the paperwork noted.
Bowling Green Mayor Bruce Wilkerson said the TIF district continues to move forward despite some problems, such as the complicated financial situation – now resolved – that developed at the commercial wrap of the parking garage next to Bowling Green Ballpark, now called Stadium Park Plaza and being developed by Hot Rods owner Jerry Katzoff.
Mariah’s and 6-4-3 restaurants in the commercial wrap in Block 6 of the TIF have reopened, and Katzoff has announced other plans in the works for the development. Vitale said what Katzoff is doing will draw people downtown, and he and Sutton want to continue that momentum.
When there is a greater number of people living downtown in the development area, a grocery and other mixed-use construction could follow, Vitale said.
The lot is also near Steamers Seafood, being built at the Mariah Moore house and close to Circus Square Park, the Southern Kentucky Performing Arts Center and the multi-story hotel-condominium space now under construction next to SKyPAC that is owned by Dan Murph, a Nashville singer and songwriter who lives in Bowling Green.
“We’re excited to have possible new development within the TIF,” said Doug Gorman, chairman of the development authority. “It’s also good to have private investment in the heart of the TIF.”
The development authority could receive a more than $2 million TIF payment from the state for 2014 TIF revenues. Once the amount is set, TIF revenues will be distributed to five entities involved in TIF projects: the authority, Bowling Green, Warren County, Western Kentucky University and The Medical Center.
The TIF District received its first payment of $3,725,158 in 2013 for the first five years of the project (2008-12), and received $1,492,746 last year for 2013.
The returned TIF funds represent a portion of taxes derived from projects in the TIF District.